VanEck Vectors Steel ETF
ALTAR
Score™
15.8% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
15.6x P/Sales
ratio
0.4x
P/BV
ratio
0.8x Div.
yield
6.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Steel Index Fund seeks investment results that correspond to the price and yield of the Amex Steel Index.

FUND BASICS
Category Global Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Oct 10, 2006
Assets (mns) $39
Currency USD
Expense ratio 56 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $15,433
Large cap (>$10bn) 25.6%
Mid cap ($2-10bn) 37.9%
Small cap (<$2bn) 18.5%
Developed mkts 68.5%
Emerging mkts 31.5%

TOP TEN HOLDINGS
RIO TINTO PLC-SPON ADR 12.4 %
VALE SA-SP ADR 11.7 %
TERNIUM SA-SPONSORED ADR 8.9 %
STERLITE INDUSTRIES INDI-ADR 6.2 %
WORTHINGTON INDUSTRIES 5.5 %
COMMERCIAL METALS CO 5.4 %
STEEL DYNAMICS INC 5.1 %
GERDAU SA -SPON ADR 4.9 %
CIA SIDERURGICA NACL-SP ADR 4.8 %
NUCOR CORP 4.7 %
Total 69.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 37.9 %
BRAZIL 21.3 %
LUXEMBOURG 18.1 %
BRITAIN 12.4 %
INDIA 6.4 %
SOUTH KOREA 3.8 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-26.9% -27.6% 1.5% -3.5% -0.8%

Market Correlations
versus... Beta R-squared
S&P500 1.29 58%
MSCI EAFE 1.58 76%
MSCI Emg. Mkts. 1.21 70%

Technical Indicators
Recent close $27.11
30d moving avg. $27.42
Annualized volatility 28.8%
Short interest (ETF) 1.2%
Short interest (Underlying) 4.9%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 23
Turnover 1.6%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $943

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the VanEck Vectors Steel ETF ETF based on the alternatives' overlap in portfolio holdings with SLX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SLX Expense: 56 bp ALTAR Score™: 15.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SLX
Ticker Fund
Name
Overlap1
vs SLX
(%)
Expense
ratio
(bp)
Savings
vs SLX
(bp)
ALTAR
Score™
(%)
ALTAR
vs SLX
(%)
XME SPDR S&P Metals & Mining ETF 32.8 35 21 8.5 -7.4
ILF iShares Latin America 40 ETF 12.0 48 8 6.9 -8.9
FXZ First Trust Materials AlphaDEX Fund 11.9 65 -9 7.4 -8.4
FTRI First Trust Indxx Global Natural Resources Income ETF 10.0 70 -14 9.7 -6.1
PYZ Invesco DWA Basic Materials Momentum ETF 9.3 60 -4 6.2 -9.6
PAVE Global X U.S. Infrastructure Development ETF 8.9 47 9 5.9 -9.9
IFRA iShares U.S. Infrastructure ETF 7.1 40 16 6.1 -9.7
FOVL iShares Focused Value Factor ETF 6.0 25 31 10.6 -5.2
JHMA John Hancock Multifactor Materials ETF 5.9 40 16 7.0 -8.9
PICK iShares MSCI Global Metals & Mining Producers ETF 5.9 39 17 7.7 -8.1
IYM iShares U.S. Basic Materials ETF 5.4 42 14 5.5 -10.3
QVAL Alpha Architect U.S. Quantitative Value ETF 5.2 49 7 12.6 -3.2
COPX Global X Copper Miners ETF 4.6 65 -9 7.1 -8.7
OIH VanEck Vectors Oil Services ETF 4.5 35 21 -3.6 -19.4
PXMV Invesco S&P MidCap Value with Momentum ETF 4.5 39 17 10.4 -5.5
PSCM Invesco S&P SmallCap Materials ETF 4.4 29 27 10.2 -5.6
FMAT Fidelity MSCI Materials Index ETF 4.4 8 48 6.2 -9.7
VAW Vanguard Materials Index Fund 4.3 10 46 6.2 -9.6
EQWM Invesco S&P MidCap Quality ETF 4.1 25 31 6.5 -9.3
RFV Invesco S&P Midcap 400 Pure Value ETF 4.0 35 21 10.9 -5.0
CVY Invesco Zacks Multi-Asset Income ETF 3.8 97 -41 11.7 -4.1
GNR SPDR S&P Global Natural Resources ETF 3.7 40 16 6.7 -9.1
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 3.6 18 38 6.0 -9.8
RTM Invesco S&P 500 Equal Weight Materials ETF 3.5 40 16 6.4 -9.4
VRAI Virtus Real Asset Income ETF 3.3 55 1 11.3 -4.5
ICOW Pacer Developed Markets International Cash Cows 100 ETF 3.3 65 -9 11.3 -4.6
RWK Invesco S&P MidCap 400 Revenue ETF 3.2 39 17 8.3 -7.6
EES WisdomTree SmallCap Earnings Fund 3.2 38 18 11.9 -4.0
FYT First Trust Small Cap Value AlphaDEX Fund 3.0 72 -16 9.7 -6.1
BICK First Trust BICK Index Fund 3.0 64 -8 5.0 -10.9
AFMC First Trust Active Factor Mid Cap ETF 3.0 65 -9 6.4 -9.4
TPHD Timothy Plan High Dividend Stock ETF 2.9 52 4 7.8 -8.1
VAMO Cambria Value & Momentum ETF 2.8 64 -8 7.8 -8.1
MXI iShares Global Materials ETF 2.7 46 10 6.2 -9.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 2.6 70 -14 13.7 -2.1
GCOW Pacer Global High Dividend ETF 2.5 60 -4 10.5 -5.3
PKB Invesco Dynamic Building & Construction ETF 2.4 60 -4 6.9 -9.0
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 2.4 38 18 9.2 -6.6
AVUV Avantis U.S. Small Cap Value ETF 2.3 25 31 9.5 -6.3
ESGS Columbia Sustainable U.S. Equity Income ETF 2.3 35 21 8.6 -7.2
FCPI Fidelity Stocks for Inflation ETF 2.3 29 27 7.0 -8.9
QSY WisdomTree U.S. LargeCap Value Fund 2.3 38 18 7.0 -8.9
BUY USCF SummerHaven SHPEI Index Fund 2.2 80 -24 10.4 -5.4
HAP VanEck Vectors Natural Resources ETF 2.2 50 6 6.4 -9.4
CALF Pacer US Small Cap Cash Cows 100 ETF 2.1 59 -3 13.4 -2.4
VUSE Vident Core US Equity Fund 2.1 48 8 8.4 -7.4
SQLV Legg Mason Small-Cap Quality Value 2.1 62 -6 7.8 -8.0
FNI First Trust Chindia ETF 2.1 60 -4 3.0 -12.9
SDOG ALPS Sector Dividend Dogs ETF 2.0 40 16 10.4 -5.4
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 2.0 30 26 7.9 -7.9
XLB Materials Select Sector SPDR Fund 2.0 13 43 6.0 -9.8
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 2.0 60 -4 8.6 -7.2
RDVY First Trust Rising Dividend Achievers ETF 1.9 50 6 8.1 -7.7
EDOG ALPS Emerging Sector Dividend Dogs ETF 1.9 60 -4 11.1 -4.7
SYLD Cambria Shareholder Yield ETF 1.9 59 -3 9.1 -6.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 1.8 40 16 7.3 -8.5
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 1.7 29 27 10.0 -5.9
JKL iShares Morningstar Small Cap Value ETF 1.7 30 26 10.6 -5.3
ISMD Inspire Small/Mid Cap Impact ETF 1.7 60 -4 6.6 -9.2
ONEY SPDR Russell 1000 Yield Focus ETF 1.7 20 36 9.4 -6.4
FYX First Trust Small Cap Core AlphaDEX Fund 1.7 63 -7 6.7 -9.1
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.7 29 27 5.7 -10.2
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 1.7 35 21 8.7 -7.1
AFSM First Trust Active Factor Small Cap ETF 1.6 75 -19 5.8 -10.1
TMDV ProShares Russell US Dividend Growers ETF 1.6 35 21 5.4 -10.5
ROGS Hartford Multifactor Global Small Cap ETF 1.6 34 22 8.0 -7.8
XKST SPDR Kensho Smart Mobility ETF 1.5 45 11 5.5 -10.3
EEMD AAM S&P Emerging Markets High Dividend Value ETF 1.5 50 6 21.3 +5.4
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.5 35 21 6.2 -9.6
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF 1.5 75 -19 5.9 -10.0
IUSS Invesco Strategic US Small Company ETF 1.5 23 33 5.6 -10.3
EQRR ProShares Equities for Rising Rates ETF 1.5 35 21 6.3 -9.6
QDIV Global X S&P 500 Quality Dividend ETF 1.4 20 36 7.7 -8.1
IWN iShares Russell 2000 Value ETF 1.4 24 32 7.4 -8.5
VTWV Vanguard Russell 2000 Value Index Fund 1.4 15 41 7.5 -8.3
XSHQ Invesco S&P SmallCap Quality ETF 1.4 29 27 6.7 -9.1
FAB First Trust Multi Cap Value AlphaDEX Fund 1.4 71 -15 9.7 -6.1
EZM WisdomTree U.S. MidCap Earnings Fund 1.4 38 18 9.4 -6.5
PY Principal Shareholder Yield Index ETF 1.4 29 27 9.6 -6.2
JDIV JPMorgan U.S. Dividend ETF 1.4 12 44 8.0 -7.9
PEY Invesco High Yield Equity Dividend Achievers ETF 1.4 53 3 9.2 -6.6
DES WisdomTree U.S. SmallCap Dividend Fund 1.4 38 18 8.9 -6.9
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 1.3 29 27 9.8 -6.1
MDYV SPDR S&P 400 Mid Cap Value ETF 1.3 15 41 8.8 -7.0
PSCI Invesco S&P SmallCap Industrials ETF 1.3 29 27 6.7 -9.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 1.3 35 21 8.7 -7.1
RNSC Small Cap US Equity Select ETF 1.3 60 -4 7.8 -8.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 1.3 15 41 8.7 -7.1
IJJ iShares S&P Mid-Cap 400 Value ETF 1.3 25 31 8.7 -7.1
TPSC Timothy Plan US Small Cap Core ETF 1.3 52 4 8.4 -7.4
KOL VanEck Vectors Coal ETF 1.3 60 -4 20.9 +5.0
PXI Invesco DWA Energy Momentum ETF 1.3 60 -4 4.2 -11.7
MDY SPDR S&P Midcap 400 ETF Trust 1.2 23 33 6.5 -9.3
SPMD SPDR Portfolio Mid Cap ETF 1.2 5 51 6.7 -9.1
IVOO Vanguard S&P Mid-Cap 400 ETF 1.2 10 46 6.6 -9.3
FDVV Fidelity Core Dividend ETF 1.2 29 27 7.2 -8.6
SDY SPDR S&P Dividend ETF 1.2 35 21 7.1 -8.8
IJH iShares Core S&P Mid-Cap ETF 1.2 6 50 6.7 -9.1
PVAL Principal Contrarian Value Index ETF 1.2 29 27 10.2 -5.6
FNDA Schwab Fundamental U.S. Small Co. Index ETF 1.2 25 31 6.8 -9.0

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
VanEck Vectors Steel ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.8 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 56 bp
Equals: ALTAR Score 15.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.77 CATEGORY
AVERAGE
1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.